Stock Analysis

Tencent, Macau Gambling Boost Asia Markets

Equities rise in Asia

Wall Street had a modest session Monday, with the Dow Jones the outperformer as investors locked in profits on NASDAQ‘s big-tech stocks. The S&P 500 rose 0.30%, with the NASDAQ falling 0.40% and the Dow Jones rising 1.31%. The price action had all the hallmarks of a directionless fast-money day. All the talk of long value stocks “rotation” will likely turn out to be just that as the week goes on, talk.

Asia is trading positively today. Japan has returned from holiday, with the Nikkei jumping 1.60%, and the KOSPI soaring 1.70%. Mainland stock markets have been boosted by the rise in Tencent (HK:0419) today, and a lack of severe retaliation from Beijing. The Shanghai Composite has risen 0.60%, with the CSI 300 climbing 1.0%. Hong Kong has been boosted by Tencent and gambling stocks today, as Chinese mainlanders are allowed to return to Macau. The Hang Seng is up 2.10%, as it claims bragging rights for the region’s top performer.

Singapore’s GDP and Macau gambling have dominated the morning’s news in Asia. Singapore’s GDP shrunk by over 40% in Q2 with construction spending plunging 97%. The data itself, was as expected, and given that most construction workers have been in COVID-19 lockdown, a surprise to no one.

Singapore’s Straits Times Index is rising just 0.30% along with Kuala Lumpur and Jakarta. Australia’s impressive rally continues, with the ASX 200 and All Ordinaries up 1.0%, boosted by continuing domestic stimulus hopes and a lack of noise from China.

The ASX, in particular, is testing its 200-day moving average (DMA) today at 6190.00. Without a daily close above 6200.00, however, the rally may peter out. Topping technical formations are being seen by major indices around the world still, and the risk is that we see a correction lower in equity markets as the week develops.

Original Post

Tencent, Macau Gambling Boost Asia Markets

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Related Articles

Back to top button